1. Field of the Invention
This invention relates to document imprinting devices, and more particularly concerns document imprinting devices for imprinting endorsements at a desired location on the back of a check.
2. Description of the Prior Art
Prior to 1988, there were no set standards in the banking industry regarding the placement of a payee endorsement, a subsequent collecting bank endorsement and a bank of first deposit (depository bank) endorsement on the back of a check. As a result, many times one endorsement would be placed over another endorsement resulting in making one or both of the endorsements unreadable.
In particular, the overlapping of a payee endorsement or a subsequent collecting bank endorsement with a bank of first deposit endorsement resulted in making the bank of first deposit nine digit routing number unreadable, and this was a problem.
Effective Sept. 1, 1988, the United States Federal Reserve System set standards for endorsing checks in the United States in Federal Regulation CC. The standards set out in Federal Regulation CC designate specific areas on the back of a check for the placement of a payee endorsement, a subsequent collecting bank endorsement, and a bank of first deposit endorsement, and these designated areas are defined by distances from the left end of the back of a check (when a check is turned over from left to right), which is known as the "leading edge", and the right end of the back of the check, which is known as the "trailing edge".
In particular, the designated or preferred placement for the payee endorsement is within the space between the trailing edge of the check and 11/2 inches from the trailing edge of the check. The preferred placement for the subsequent collecting bank endorsement is the space between the leading edge of the check and three inches from the leading edge of the check, and the placement designated for the bank of first deposit endorsement is the space on the back of the check between three inches from the leading edge and 11/2 inches from the trailing edge.
By having specific endorsement locations designated and used, there is no overlap of endorsements where one or both of the endorsements in the overlap become unreadable.
Further, by using designated placement areas for the payee endorsement, the subsequent collecting bank endorsement, and the bank of first deposit endorsement, the return check handling process is significantly speeding up. Moreover, bank customers may realize a cost saving via a lower bank service charge if they make the appropriate endorsement on a check instead of the bank since then the bank does not have to endorse the check, and does not have to make a charge for endorsing the check.
The process of manually endorsing checks with a payee endorsement, a subsequent collecting bank endorsement, or a bank of first deposit endorsement in the appropriate designated area is very time consuming.